DWS Eurorenta

ISIN: LU0003549028Koers per datum: 29-9-2022Uitgiftekoers: 46,53
 Valuta: EURVerkoopkoers: 45,17

Maritta Kanerva

Fondsbeheerder sinds: 1-7-2015
Beheer locatie: Duitsland


Huidige opmerking

Main focus in August were the exploding energy costs and rising consumer prices. This was lifting interest rate hike expectations and pulling the whole yield curves upwards, led by the front end of the curve. Headline inflation numbers have been increasing very rapidly, hitting multi-decade or even all-time highs in some countries. Also core inflation excluding food and energy in the Euro Area rose to highest since 1993. Having Central Banks determined to hike rates even in a recessionary environment is increasing volatility and illiquidity in the markets. The spreads of European sovereign peripheral issues widened during the month, as did Semi-Core governments led by Austria, after Standard&Poor's changed their outlook from positive to stable. Covered bonds underperformed the governments but corporate bonds outperformed a bit.

Vorige opmerkingen

  • 07/2022: Central Banks were again active during the reporting month. The European Central Bank (ECB) raised rates for the first time in 11 years, by more than expected 50 bps. A new asset purchse program (TPM) was introduced to help support countries with widening yield spreads. ECB also dropped forward guidance, wanting to act more "data-dependent" regarding its next policy steps. Also the Fed in US hiked rates by 75 bps, also willing to rely more on economic data than forward guidance regarding its next monetary policy measures. Macro-economic data and weaker sentiment indicators together with political situations like the reduction of gas supply by Russia is probably the reason for the strong market action and falling yields during the month of July. Whereas semi-core sovereign European issuers' spreads fluctuated during the month, Italy spreads took a hit from the unfavourable political developments. Corporate bonds performed marginally better than the german Government Bonds in July.

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  • 06/2022: At mid-month in June there was a jump in volatility as markets struggled to digest the lingering effects of inflation and geopolitical tensions. June closed at around +1.35% for 10-year Bund yields as inflationary pressures continued, down significantly from around +1.77% in the middle of the month. Spreads on some non-Euro government bonds continued to rise to high levels, with new highs for the year in the meantime. At the end of the month, spreads again calmed slightly. Volatilities on the markets remain very high. The high inflation expectations were further confirmed. Food prices and energy costs in particular rose sharply, and the risk of a wage-price spiral is worrying central banks. The ECB is now pointing to several rate hikes before the end of the year but is seen as too cautious by some market participants. The Fed continued to raise Fed Funds, accelerating to 75 bp increase on 6/15 to 1.75%. Here, too, market participants expect further increases, but also see recession risks for 2023.

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  • 05/2022: Bond yields fluctuated during the reporting month, influenced by record-high inflation and central banks in a hiking mode on one hand and weakening economic data on the other hand. Long-lasting lockdowns in China and the Russian war in Ukraine have continued to cause supply-chain dislocations in production. Volatility in the markets spiked mid-month as market continued to digest the ongoing effects of inflation and geopolitical tensions on the risk sentiment. The spreads in Spain and Portugal to Germany moved sideways, Italian spreads continued to widen. Corporate spreads to governments initially widened as well but closed the month somewhat narrower, as did covered bonds.

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  • 04/2022: Global government bond yields countinued to sell off in April, probably reflecting higher inflation data as March-April headline numbers in Euro area and UK rose above 7% and 8.5% in US. Generally, the longer maturities rose at a higher scale than the shorter ones, so that the term structure became steeper. Fed and BOE have already started hiking rates, ECB is now expected to do so in July. The Central Banks are also planning to start reducing their balance sheets in order to control inflation, ECB has now announced its decision to end net asset purchases in 3Q 2022. The banks are caught between high economic uncertainty and record inflation rates, BOE is the first central bank to raise concern for the weakening economic growth picture, helping the UK Gilts again outperform the other main markets during the month of April. Peripheral and semi- governments yield spreads widened during the month, as did the covered bond spreads along with some segments of Corporate Bonds.

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  • 01/2022: The outlook for Central Bank policies continued to shift to more and quicker rate hikes and other monetary tightening measures, expected to occur in the year to come. Yields rose in most developed bond markets, continuing their upwars path that started in December. Main reason was continued persistently higher inflation and the perception that Omicron leads to less severe illness, perhaps allowing for restrictions to be lifted earlier than initially feared. Increasing geopolitical risks limited somewhat the extent of the sell-off. German Bunds outperformed UK Gilts and to a lesser extent, the US Treasuries. January also turned out to be a disappointing month for European corporate bond investors as all risk assets struggled amid the hawkish shift of the central banks and the risk of war.

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